Q. Should you save when you have debt to pay off? I'm currently indebted to OSAP and Black Friday... 

It’s ok to save for emergencies and short term spikes in spending while you pay off debt because emergencies and large unexpected purchases will only wind up right back on a credit card. Best to plan for them!

Q. I'm still relatively new to the workforce, I know my salary will increase dramatically in the next few years. Should I prioritize saving aggressively today or wait until I'm making more?

Always save whatever you can! $10, $100, $1000! Whatever you’re able to put aside, do! A little bit goes a long way.

Q. How do I set targets for savings? I'm bad at budgets... 

Budgeting is the worst and you don’t need to budget every single dollar. Set targets based on your goals. For example, if you want $5000 in your RRSP at the end of the year put $416 aside a month. Make sure your targets are realistic for your spending money so you don’t set yourself up for failure. 

Q. Let's talk credit - does opening and closing credit cards affect my credit (I WANT THE POINTS!) ? What if I pay them off in full before I close them? 

Using and paying off a credit card within the grace period is the best way to improve your credit score! Bring on the points. But, user beware. Credit cards can quickly become your worst enemy if used incorrectly. Also, yes, opening new credit cards will ding your credit score so be mindful of how many accounts you open. 

Q. Will my credit card interest accumulate if I don't pay it off in full every month? How does that work?

Yes, your credit card starts charging you interest on the amount that is still owing after the grace period. The rates can be high. Often 19-24%! 

Q. What's a credit score and how is it calculated?

(How to calculate is a doozy question so I’ll give what I can here).

Your credit score is a number given to you between 300-900 that a credit bureau uses as a way to show future lenders how likely you are to manage credit responsibly. The higher the score, the more likely you’ll qualify for credit, get good rates and even get apartments!